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Charitable Gifting

Charitable gifting is as good for the giver as the receiver, maybe even more so. However, many people don’t consider including it in their financial planning goals and objectives. At Phillips Financial, we’re here to help you navigate how to include gifting in your financial strategy.

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What Is Charitable Gifting and Why Is It Important?

Philanthropic donations include giving money, goods or time to charities of your choice. Through these gifts, you provide much-needed assistance to causes and organizations you care about. Making charitable donations of money and assets also allows you to take tax deductions on your income and reduce the value of your estate.

Developing Strategies To Make the Most of Your Gifts

You can be strategic about when, how and how much to donate. Through careful planning, your charitable gifts become part of your overall approach to managing your investments. You may decide to:

  • Donate assets that appreciate to avoid capital gains taxes and lower your taxable estate
  • Distribute some or all of your required minimum distribution to a qualified charity
  • Allocate income annually to a tax-free donor-advised fund

You can also choose to set aside assets in charitable trusts that allow you to distribute funds to designated charities during your life and after you pass.

A Phillips Financial advisor can help you find the philanthropic vehicles that pursue your financial goals while allowing you to lend your support to charities you care about. Contact us to learn more about what we can do for you.

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